Recent news in the Democratic Republic of Congo (DRC) has highlighted the appreciation of the Congolese Franc, the national currency. According to the Central Bank of Congo, during the last week of July 2023, the Congolese Franc appreciated by 4.22% on the parallel market, reaching an exchange rate of 2,471.25 CDF for one US dollar.
These figures show an improvement from the previous week, when the appreciation was 2.31%. Moreover, the indicative exchange rate stood at 2,427.85 CDF for one dollar, registering a weekly appreciation of 4.65%.
This positive development is largely explained by the intervention of the Central Bank of Congo on the foreign exchange market. Indeed, the BCC sold currencies for an amount of 200 million dollars in July 2023, with the aim of improving the supply of currencies on the market and regulating exchange rate fluctuations.
However, it is important to note that on the parallel market, speculation around the exchange rate remains persistent. The exchange rate fluctuates between 2,250 and 2,300 CDF for one US dollar.
It is also essential to point out that this appreciation of the Congolese Franc has a positive impact on the country’s economy. A stronger national currency promotes economic stability, encourages foreign investment and facilitates international trade.
In conclusion, the appreciation of the Congolese franc on the parallel market is encouraging news for the Democratic Republic of Congo. This reflects the efforts of the Central Bank of Congo to stabilize the national currency and promote the economic development of the country. However, it is important to remain vigilant against speculation and to continue to put in place measures to further strengthen the Congolese currency